Question: Errors in trial balance Identify the errors in the following trial balance. All accounts have normal balances. Ensemble Co. Unadjusted Trial Balance For the Year
Errors in trial balance
Identify the errors in the following trial balance. All accounts have normal balances.
| Line Item Description | Debit Balances | Credit Balances |
|---|---|---|
| Cash | 71,300 | |
| Accounts Receivable | 156,020 | |
| Prepaid Insurance | 33,750 | |
| Equipment | 476,000 | |
| Accounts Payable | 18,000 | |
| Salaries Payable | 12,000 | |
| Common Stock | 224,600 | |
| Retained Earnings | 184,200 | |
| Dividends | 57,010 | |
| Service Revenue | 750,100 | |
| Salary Expense | 312,310 | |
| Advertising Expense | 68,260 | |
| Miscellaneous Expense | 14,250 | |
| Miscellaneous Expense | 1,452,190 | 1,452,190 |
After identifying the errors, prepare a corrected unadjusted trial balance. For those boxes in which no entry is required, leave the box blank.
| Line Item Description | Debit Balances | Credit Balances |
|---|---|---|
| Cash | Cash | Cash |
| Accounts Receivable | Accounts Receivable | Accounts Receivable |
| Prepaid Insurance | Prepaid Insurance | Prepaid Insurance |
| Equipment | Equipment | Equipment |
| Accounts Payable | Accounts Payable | Accounts Payable |
| Salaries Payable | Salaries Payable | Salaries Payable |
| Common Stock | Common Stock | Common Stock |
| Retained Earnings | Retained Earnings | Retained Earnings |
| Dividends | Dividends | Dividends |
| Service Revenue | Service Revenue | Service Revenue |
| Salary Expense | Salary Expense | Salary Expense |
| Advertising Expense | Advertising Expense | Advertising Expense |
| Miscellaneous Expense | Miscellaneous Expense | Miscellaneous Expense |
| Total | Total | Total |
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